Frequently Asked Questions
BUYER FAQS
If you’re interested in bidding for a property, you will need to register ahead of the auction date. You can register to bid at any time before the end date of the property’s auction. We’ve detailed how to register for both of these methods in the following question.
To register to bid in an auction, simply complete our registration form on our website.
The form will be asked to provide:
- your personal information
- valid credit card that will be used to pay for the online deposit of $500.00 if you win an auction.
You will receive a confirmation email once you are fully registered.
Yes, we advise everyone to view any property you may have intertest in bidding on. Most properties will have scheduled viewing dates and times, if no specific time is posted, property is open to appointment viewings which can be booked through the link or calling number listed on Auction Information tab on the property you are interested in purchasing.
All applicable real estate documents, including the agreement of purchase and sale are available in the Auction Information tab on the property you are interested in purchasing.
Many of our auctions are simulcast, meaning you can either bid in person or on line. In order to bid in person, you will be required to have the required deposit in hand in the form of a certified cheque payable to Anchor Real Estate Investment Corp. “In Trust”. The amount of deposit required will be in the Auction Information for each property. Please ensure you arrive at least 20 minutes before the on location start time for the auction so you can be registered and receive a bidding number prior to the start of the auction. You can find information about the location and times in the Auction Information tab of the property you are interest in purchasing.
Once you have registered and are accepted to bid on a property, you simply enter in your bid amount and hit enter. After clicking enter you will be asked to confirm your bid, and once confirmed you have bid and you will receive confirmation email of your bid. If you are out bid for the property you will receive an email advising you have been outbid, and you will have an opportunity to bid again unless the auction has closed. You may bid as many times as you like until the auction has closed.
You can also set a maximum bid that you are willing to pay for the property. Your maximum bid will increase by the incremental amount should someone try to outbid you until your maximum bid is reached. Once someone exceeds your maximum bid you will receive an email that you have been outbid at which time you will have an opportunity to bid again or set a new maximum bid if you wish.
You can bid as often as you like until the auction closes. Once you have placed a bid you will not be able to rescind your bid meaning your bid is binding and you agree to buy the property at that price plus any fees or commission on closing.
All of our online auctions are “soft close” meaning, if a bid is received moments before the end of an auction, the auction will be extended to allow other bidders who may have been outbid time to enter another bid to win the property. The majority of our properties will have a 3 minute extension for each bid after the bid close time until no further bids are received.
If you are the highest bidder at auction close you will receive an email that you have won the property and that a representative from North American Auctioneers will contact you to assist in completing the forms for the purchase. Your credit card we have on file for you will also be debited an initial deposit with the remaining deposit due within 24 hours of completed contract. This online deposit plus the remaining deposit will be held in a trust account and credited towards the purchase price on closing.
Some properties will have a commission amount added the final high bid on the property. The amount of the commission varies by property and can be found on the Auction Information tab of the property you are interested in.
You can bid whatever amount you wish to bid as long as it is higher than the posted current bid indicated on the property page.
Please keep in mind that some properties will have a buyer’s commission so when bidding it is good to keep this in mind so you can enter your bid accordingly. The amount of the commission varies by property and can be found on the Auction Information tab of the property you are interested in.
Example: A winning bid of 500,000.00 on a property with a 5% commission will result in a final purchase price of 525,000.00.
To keep your purchase at 500,000 you would need to maximize your bid at just slightly over 476,000.00.
Details more specific to the property you are interested in can be found on the Auction Information tab of the property you are interested in.
Any bid to purchase a property is an agreement to purchase at that bid plus any fees that may be listed in the agreement. Under Canadian Law just as an agreement to purchase through a conventional offer, bidding on a property at auction is a binding offer and if you do not close you will lose your deposit plus be liable for any costs incurred with reselling the property, plus and any loses seller may incur if property is sold for less than what you had agreed to.
Yes, you will need a lawyer for the closing of the property. You can also have a lawyer review all documentation provided by us at any time before during or after the auction. If you do not have a lawyer North American Auctioneers can provide a list of Real Estate lawyers in your area for you to use.
If a property is subject to a reserve price the reserve is a minimum amount set by the seller that they would accept to sell the property. You can find this information on the Auction Information tab on the property you are interested in.
If reserve is not met, the offer documents will still be completed by the highest bidder and submitted to the seller. The seller may at that time
- accept the offer as is,
- reject it and your $500 deposit would be returned to you within 24 hours, or
- may “sign back” the offer with changes. If the offer is “signed back” you are under no obligation to accept the changes to the offer. Your choices if it is “signed back” are:
- Accept the offer as changed
- “Sign back” the offer to the seller with your changes
- Reject the offer that has been signed back. If you reject the offer your deposit will be returned in full within 24 hours of cancellation of sale.
For most of the properties we auction we will post a range where we believe the property will most likely sell in. This does not mean the property must sell within this range it is only to be used as a guide. You can find this information in the Auction Information tab for the property you are interested in purchasing.
Most of our auctions are sold with no conditions which means if you are the highest bidder and win the property you must take possession of the property unconditional on closing.
Yes. Although many of our properties will already have inspections available for your review in the documents tab for the property, if no inspection is available you may schedule a time for your inspector to view the property. Please contact the representative for the property from North American Auctioneers to schedule the time for inspection
To bid with confidence at an auction it really does pay to have finance in place ahead of time. Having an idea of how much you can borrow and the types of properties that you are interested ensure that you are able to close on the properties you win. Please also keep in mind that buying at auction is unconditional and if you win you must buy the property on closing. Should you not be able to close you will lose any deposits and may be sued by the seller of the property for any losses they may incur.
Bid increments are the minimum amount you may increase your bid by. Increments are used to bidders do not simply bid $1 or another small amount to override another bidder’s bid.
When bidding for a property you may enter a bid above the current bid or you may also enter a maximum bid or the highest amount you are willing to pay for the property. Should you set a maximum bid, the amount does not go immediately to your maximum bid, it will only go to a bid increment above someone else's maximum bid, or to the lowest bid increment if no one else has bid. From that point on, during the sale should when someone places a bid below your maximum amount, your bid will only increase by the bid increment above their bid. This will continue until your maximum is exceeded where then you will be notified that your bid is exceeded and you will have the opportunity to enter a new maximum or simply a bid above the posted bid for the property. the price of the property will increase by the incremental amount placing you as high bidder once again.
This message means that someone else has entered a maximum bid for the property which is higher than each of your bids. Once you have entered a bid for the property higher than theirs you be notified that you are winning.
1. Don't forget about the auction. Often buyers enter a bid for the property and then forget when the auction is closing only time find out when they log in the auction is closed and they have lost the property.
2. Know what you can spend. Knowing how much mortgage you are able to get ensures that you do not over bid and find yourself the winner of a property you cannot afford.
3. Review all auction documents prior to bidding. Make sure you understand all of the auction, offer and other elated documents. If there are any documents you do not understand you can call our offices or consult with your lawyer.
4. Enter a maximum bid. By entering a maximum bid you will not have to keep bidding each time someone else bids for the property. If someone out bids your maximum bid on the property you will be notified and will have the opportunity to enter another maximum or bid.
In most cases you would not need a survey as you closing lawyer will simply add title insurance to your property covering you if any boundary disputes arise while you own the property. If you would prefer a survey to be conducted prior to bidding on the property please contact the property representative to arrange a time for the surveyor to visit the property.
As with the building and property itself, any items (chattels) included in the sale of the property are included in as is where is condition meaning they are not guaranteed to be working on closing.
SELLER FAQS
Simply fill out our Online Seller Registration Form, and a representative will get in touch with you to begin the process, or call us at 877-672-6604. At North American Auctioneers we will work closely with you and visit your property to gather comprehensive details about the property and its surroundings. We will then create a tailored marketing plan designed to maximize exposure and attract qualified buyers who are ready to bid on your property.
- Most residential properties are sold within 21-30 days, commercial 45-60 days
- Auctioning your Real Estate with North American Auctioneers get results fast
- Auctions creates excitement
- Reduce expenses of carrying a property
- Unconditional cash offers
- You set minimum price, day of sale, and all other terms of the sale prior to listing property for auction
- Focused marketing plans
- Over 50% of properties listed for auction with North American Auctioneers sell at prices acceptable to sellers before auction day.
At North American Auctioneers we have sold everything from small residential properties to OHL hockey arenas, shopping malls, schools, cottages, golf courses, condos, industrial properties, and any type of property you can think of. Regardless of what type of property you may have, its location or condition, chances are we’ve already sold a similar property in the past.
No, North American Auctioneers is affiliated with Anchor Realty a Real Estate brokerage giving you the ability to sell your property at any time during the marketing process. With this flexibility to sell at any time, we have found regardless of how long properties have previously sat on the market, about 50% will sell prior to auction date.
At auction everything including showings are pre scheduled, meaning you don’t have to keep your house clean 24/7 as the showing times and days are predetermined. Many of our residential sellers will chose 1 day during the week where people can book a showing, and 1 scheduled open house per week. Commercial properties will usually have predetermined days and times on an appointment only basis.
North American Auctioneers creates a customized marketing strategy for every property, designed to attract the maximum number of qualified bidders. For residential properties, marketing plans typically range from $1,000 to $1,800, though the final cost may vary based on marketing expenses and the property's specific selling challenges.
Commercial properties receive a detailed evaluation, and their marketing budgets can range from a few thousand dollars to over $20,000. This cost depends on the property's location, the complexity of the sale, and the necessary market reach to connect with qualified buyers.
Commission structures are comparable to those in traditional real estate sales but may also be adjusted according to the difficulty of the sale and the marketing efforts required.
While it is not mandatory, conducting an environmental study for prospective buyers is strongly recommended in most situations. This approach allows the property to be sold unconditionally, eliminating the risk of the sale collapsing, and typically attracts more potential bidders, which often leads to a higher final sale price.
No. A representative of North American Auctioneers will visit your property to advise you on what should and should not be done to successfully sell your property to net the highest amount on closing.
At auction there are several ways to structure the commission:
- A buyer’s commission where the buyer pays the entire commission.
- A split between the buyer and seller,
- The seller pays all commission.
A representative of North American Auctioneers will work with you in determining the best approach for your property.
A buyer’s commission is a additional fee added on top of the final bid price. For example, if your property has a top bid of $500,000 and the commission is 5%, the buyer will pay an fee of $25,000, making the final sale price $525,000.
A buyer’s commission can offset some or all of the commission typically paid by the seller thereby reducing the cost of selling the property. A possible disadvantage is that Canadian buyers are often unfamiliar with this arrangement, and in residential sales, they might submit lower offers or choose not to bid at all.
Commercial buyers, on the other hand, tend to be more experienced in real estate transactions and generally recognize that a commission is factored into the sale price regardless. They typically incorporate it into their overall purchase cost, so it seldom influences the final price.
For commercial properties or highly sought-after real estate with multiple bidders, this approach is frequently the most effective sales method.
In a less competitive market, adding the commission on to the price as a buyer commission can have a negative impact on final bid price and deter some buyers from bidding at all.
The offer and all associated documents for the sale will be drawn up by a real estate agent working with North American Auctioneers, which you must approve before bidding begins.
North American Auctioneers has auctioned virtually every type of Real Estate you can imagine. The only criteria for a property to be acceptable for auction is that it is priced to sell and you have equity in the property.
At North American Auctioneers, we specialize exclusively in Real Estate. While we can include items in the sale of the real estate, we do not auction separately. If you need an auctioneer to auction your furniture or other items independently, we can arrange for another auction company to handle those sales for you.
If the bidding does not reach reserve, we will still prepare an offer at the highest bid point and present it to you. At that point, you will have the opportunity to accept, reject or sign the offer back with changes.
Please be aware that if you make any changes to the offer, the highest bidder is under no obligation to accept your offer and may walk away from the sale completely.
Most residential properties are sold within 21-30 days. Rural and commercial properties will take between 45 to 60 days.
Just as a traditional sale you will be paid on closing. You can schedule the closing of the property as soon as 14 days but we recommend 30 days or a window of 30-60 days to ensure that potential buyers aren't discouraged from bidding due to an inability to take possession quickly.
Just as any sale of Real Estate, you will need to engage a lawyer to finalize the sale. If you do not have a lawyer, North American Auctioneers can provide a list of Real Estate lawyers in your area for you to use.
FAQ's
Absolutely. We supply full training across auction processes, marketing, legal compliance, and bid handling. You’ll learn to oversee everything from pre-auction prep (valuations, legal packs) to post-auction follow-ups.
Buyers may bid remotely via phone, proxy, or internet. Proxy bidding allows them to set a maximum and be represented live—ideal for those unable to attend.
We offer both:
Unconditional sale: Buyer pays a deposit (typically 10%) and completes purchase within ~30 days.
Conditional sale: Buyer pays a reservation fee (around 5%), and you have up to ~60 days to complete—opening bidding to more buyers
For unconditional auctions, yes, buyers must have funds or mortgage in place. For conditional auctions, they secure a reservation fee, and have time afterward to arrange finance.
Yes. In unconditional sales, contracts are legally binding immediately. In conditional sales, exclusivity begins, and failure to complete risks losing fees and legal repercussions.
We maintain transparency through catalogs or addendums that highlight reserve prices. Unsold lots are then featured in continued marketing, order to secure post-auction offers.
You or your solicitor will prepare a legal pack—contracts, disclosures, title info—available before bidding. Our team handles marketing, photography, and viewings.
All of our on line auctions are “soft close” meaning, if a bid is received moments before the end of an auction, the auction will be extended to allow other bidders who may have been outbid time to enter another bid to win the property.
FAQ's
Absolutely. We supply full training across auction processes, marketing, legal compliance, and bid handling. You’ll learn to oversee everything from pre-auction prep (valuations, legal packs) to post-auction follow-ups.
Buyers may bid remotely via phone, proxy, or internet. Proxy bidding allows them to set a maximum and be represented live—ideal for those unable to attend.
We offer both:
Unconditional sale: Buyer pays a deposit (typically 10%) and completes purchase within ~30 days.
Conditional sale: Buyer pays a reservation fee (around 5%), and you have up to ~60 days to complete—opening bidding to more buyers
For unconditional auctions, yes, buyers must have funds or mortgage in place. For conditional auctions, they secure a reservation fee, and have time afterward to arrange finance.
Yes. In unconditional sales, contracts are legally binding immediately. In conditional sales, exclusivity begins, and failure to complete risks losing fees and legal repercussions.
We maintain transparency through catalogs or addendums that highlight reserve prices. Unsold lots are then featured in continued marketing, order to secure post-auction offers.
You or your solicitor will prepare a legal pack—contracts, disclosures, title info—available before bidding. Our team handles marketing, photography, and viewings.
All of our on line auctions are “soft close” meaning, if a bid is received moments before the end of an auction, the auction will be extended to allow other bidders who may have been outbid time to enter another bid to win the property.
Our Partners
